๐–๐ก๐š๐ญ ๐ˆ ๐ฐ๐ข๐ฌ๐ก ๐ˆ ๐ค๐ง๐ž๐ฐ ๐š๐›๐จ๐ฎ๐ญ ๐ญ๐ซ๐š๐๐ข๐ง๐  ๐Ÿ“ ๐ฒ๐ž๐š๐ซ๐ฌ ๐š๐ ๐จ.

speculativeflows

Newbie
1 0
If there was a time machine I'd buy one or take one out on finance. Knowing what we know now we could have avoided costly mistakes more importantly the time weโ€™ve lost.

For those who are beginning their journey to becoming profitable you have an advantage of being able to learn from those who are more experienced than you. If you apply a little commonsense and humility, you can learn a lot from mentors.

๐๐ข๐œ๐ค ๐จ๐ง๐ž ๐ญ๐ซ๐š๐๐ข๐ง๐  ๐ฌ๐ญ๐ซ๐š๐ญ๐ž๐ ๐ฒ, ๐ฆ๐š๐ฌ๐ญ๐ž๐ซ ๐ข๐ญ, ๐ฌ๐ญ๐ข๐œ๐ค ๐ฐ๐ข๐ญ๐ก ๐ข๐ญ
Speaking from experience traders will come into the marketplace clicking buy or sell without following a game plan. Trading is the same as sport. In order to have an edge you have to have a game plan. You won't win every single match but it's very possible to win most.
Professional traders call the game plan the traders โ€˜playbookโ€™.
๐…๐จ๐œ๐ฎ๐ฌ ๐จ๐ง ๐ญ๐ซ๐š๐๐ข๐ง๐  ๐ฉ๐ž๐ซ๐Ÿ๐จ๐ซ๐ฆ๐š๐ง๐œ๐ž ๐ง๐จ๐ญ ๐จ๐ง ๐ญ๐ก๐ž ๐ฆ๐จ๐ง๐ž๐ฒ
Ask traders who are still finding it difficult to become consistent. They will tell you they focus on the dollar value of their Forex brokerage account in comparison to professionals who look at trading performance within a month, quarter and yearly period. Most professionals don't use retail brokerage platforms. More on this another time.
We should focus on the equity curve not only is it a reflection of your account it exposes our weaknesses. We only learn from our mistakes. When was the last time you learnt from doing something correctly.
If your equity curve is taking a nosedive you need to seriously start questioning what the heck is happening either with your strategy or psychology. As it can be used to project possible future performances.
๐’๐ญ๐ข๐œ๐ค ๐ญ๐จ ๐ก๐ข๐ ๐ก๐ž๐ซ ๐ญ๐ข๐ฆ๐ž ๐Ÿ๐ซ๐š๐ฆ๐ž ๐œ๐ก๐š๐ซ๐ญ๐ฌ
You really need to avoid timeframes lower than the hourly. Majority of the liquidity is based on the higher time frames. You should really only focus on the Monthly and weekly for a directional bias. The daily and hourly for entries. I see traders staring their eyes and energy away at the charts. This isn't why we started trading. We started trading in order to enjoy the freedom it brings. This is why higher time frames are important to me.
๐‹๐จ๐จ๐ค ๐š๐ญ ๐š๐ง๐ ๐ญ๐ซ๐š๐๐ž ๐ฐ๐ก๐š๐ญโ€™๐ฌ ๐ฆ๐จ๐ฏ๐ข๐ง๐ 
Majority of traders cannot tell the difference between a low volume market and a market that is trending. You can lose a lot of money in a range bound market if you don't realise the market is range bound by holding onto trades hence why being in the moment as a trader is very important. If the market is trending you can miss out on the big moves by taking profits too early.
๐‚๐จ๐ง๐œ๐ฅ๐ฎ๐ฌ๐ข๐จ๐ง
Unfortunately time machines don't exist yet. Iโ€™ve thought what youโ€™re thinking and Iโ€™ve experienced the same trading frustrations youโ€™re experiencing and Iโ€™ve made it through to the โ€œother sideโ€. I have a virtual blueprint of what you should and should not do in regards to trading the market. Many mistakes that traders make are pretty predictable, as we are all human and tend to behave the same way when trading the markets.
 

xjtorerox

Junior member
19 4
I'm quite new to trading, but the best advice I can give is to trade well based on a trategy and analysis. Sometimes you will lose, is part of the game, but part of trading well is to minimize thoses loses.

The worst thing you can do is to let the emotions drive you. Desperation, revenge, hope, greed, and fear are very common in this business.
 
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galbi

Junior member
29 8
I'm quite new to trading, but the best advice I can give is to trade well based on a trategy and analysis. Sometimes you will lose, is part of the game, but part of trading well is to minimize thoses loses.

The worst thing you can do is to let the emotions drive you. Desperation, revenge, hope, greed, and fear are very common in this business.
Agree with you on this.
 

Aramtant

Junior member
39 2
Yeah, we all wish we had a time machine sometimes. But unfortunately, that doesn't exist. So the best thing we can do with our mistakes is to analyze them and not repeat them. As for me, everything that the author has written is important, but most of all I would like to highlight the point about the trading strategy.
A trading strategy is a predefined set of rules, which a trader has developed to manage his trade. The development of a trading strategy gives the trader the following advantages:
- It removes emotions from trading. A trader who uses a strategy knows what to do depending on what the market does. A trader, who doesn't have a strategy, tries to make decisions when the market is open and is emotionally attached to positions. He can panic and hesitate when the market moves against him, because he has no prepared answer.
- Saving time. Developing a trading strategy that has an advantage is hard work. However, once the rules are developed, they can be easily automated to free the trader from having to watch the chart all day and provide time for further strategy development.
However, developing a trading strategy that is effective can be a complex process. There are computer programs that automate the process. Unfortunately, the ease with which systems can be developed and optimized using these programs can mislead a careless trader. The strategy should be built around some statistical advantage. This is the advantage that will exist for a long time and create a positive cash flow for the system and the trader.
 

Felix_trade

Junior member
27 4
Yes, all your points are rightly explained. Focusing on performance instead of money and controlling your emotions is the best advice for traders.
Totally. When you got skills and focus on your performance, money automatically comes.
 

Trader H.C.

Junior member
39 6
Never try to reach your goals faster by taking a gigantic position on one trade and think it is a sure win.
 
 
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